The market is so efficient that the market in which prices reflect all available information, and this assumes that all market participants can access the information, whether the information current economic or years, such as the Declaration of deficit or surplus of the balance of payments deficit equilibrium, the rate of inflation .... . etc..
Efficient in the market:
- All new information find immediate impact on exchange rates and the immediate futures.
- Transaction costs low.
- Random changes in exchange rates.
This leads to the following results:
* Can not be any rackets to achieve consistently gains.
* Pricing futures can be considered as an indicator without speculation on the real-time price (cash) future.
However, there is controversy exists today regarding whether the exchange markets, the current category is relatively, and this is what led to do several considerations to prove it, showed some (tests Gedi and Devi), respectively, in 1975-1976 AD market efficiency while others studies Hunt 1986 the studies Kearney and Mac Doland 1989 underlines the lack of efficiency in the foreign exchange market is relatively time which will be held in which practitioners that there is a relative lack of efficiency in the exchange markets.
التسميات
Financial concepts